🏆 Residential: Surfside had the most expensive home sale to hit records. Fort Partners sold another unit at the Seaway at Surf Club North at 9165 Collins Avenue for $41.2 million. The buyer was Mazalmint Property LLC, tied to a San Francisco address linked to investment firm Iconiq Capital. The condo spans just under 8,000 square feet, pricing the deal at about $5,200 per square foot, per the South Florida Business Journal.
🏆 Commercial: In Boca Raton, an office complex spanning about 15,000 square feet at 1951 Northwest 19th Street changed hands for $26.2 million. The seller was an LLC managed by Sylvia Kanoff, and the buyers were two entities linked to Boca Raton-based PEBB Enterprises and another to Butters Construction & Development, which is also based in Boca Raton. The complex last sold in 20067 for $21 million.
📊 Residential: Investors Michelle Miller and her ex-husband, Myron Miller, parted with a home at 1246 North Lake Way in Palm Beach for $30.8 million. The buyer was a trust with Bradley McPherson as trustee. Built in the 1960s, the home spans about 4,600 square feet. The deal works out to just over $6,600 per square foot. The residence has five bedrooms and seven and a half bathrooms. Its last asking price was $34.9 million. Christian Angle with Christian Angle Real Estate represented the sellers, and Margit Brandt with Premier Estate properties, the buyer.
📊 Residential: In Palm Beach, a 5,000-square-foot residence at 218 List Road sold for $15.9 million. The sellers were Austin and Mary Willis, and the buyer was Christopher Asplundh, Jr. Austin Willis purchased the property, built in 1959, in 2014 for just under $3 million. The latest sale breaks down to about $3,200 per square foot. Todd Peter with Sotheby’s International Realty represented both sides of the deal.
By the Numbers: Inflation erodes home values for ninth straight month
Rising inflation is continuing to chip away at home values across the country for the ninth month in a row.
Though home prices are still ticking up, their gains lag far behind the broader cost of living. In February, the S&P Cotality Case-Shiller National Home Price Index inched up just 0.7 percent year over year, the lowest growth rate since June 2023. It’s also a third of the increase of the Consumer Price Index for all goods in the U.S., which rose about 2.4 percent year over year. Meanwhile, core inflation — a measure that excludes food and energy prices, which can swing wildly — rose about 2.5 percent year over year.
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